Tripadvisor Posts Q3 Loss Driven by $369.5 Million Hotels and Other Goodwill Impairment

The Tip Desk · November 7, 2026 · 3 min read

Continuing-operations revenue was $436.4 million in the third quarter, down 11% from a year earlier, as Hotels and Other fell 23%. A $369.5 million non-cash goodwill impairment primarily drove a $316.9 million net loss from continuing operations.

Tripadvisor, Inc. (TRIP) reported continuing-operations revenue of $436.4 million, down 11% year-over-year, and a net loss from continuing operations of $316.9 million, or $(2.70) a share, for the three months ended September 30, 2026, versus net income of $48.5 million, or $0.39 a share, a year earlier. The company said the swing was driven primarily by a $369.5 million non-cash goodwill impairment in Hotels and Other.

Continuing-operations revenue was $436.4 million, down 11% from $490.8 million a year earlier — a steeper decline than the 7% year-over-year drop in the second quarter. Adjusted EBITDA from continuing operations fell 34% to $71.1 million, or 16.3% of revenue, from $107.8 million, or 21.8% of revenue, a year earlier. Non-GAAP net income from continuing operations was $43.4 million, or $0.37 a share, down 39% from $71.2 million, or $0.58 a share.

Hotels and Other revenue declined 23% year-over-year to $151.6 million, including Hotels of $109.7 million (down 23%), media and advertising of $27.7 million (down 23%), and other of $14.2 million (down 18%). Adjusted EBITDA in that segment fell 41% to $32.9 million, or 21.7% of revenue, from $55.4 million, or 28.2% of revenue, a year earlier.

The company said the Hotels and Other goodwill impairment was primarily driven by a sustained decline in financial performance and a reduction in forecasted profitability, largely due to the multi-period acceleration of traffic headwinds resulting from changes in the search landscape.

Experiences revenue declined 3% year-over-year to $284.8 million, after Experiences had grown 8% year-over-year in the first quarter. Experience bookings were approximately 6.8 million, up about 2% year-over-year. Gross bookings value reached approximately $1.3 billion, roughly flat year-over-year. Experiences adjusted EBITDA fell 27% to $38.2 million, or 13.4% of revenue, from $52.4 million, or 17.8% of revenue, a year earlier.

Personnel expense fell 24% year-over-year to $94.0 million, or 21.5% of revenue, from $123.8 million, or 25.2% of revenue. Marketing was $213.0 million, or 48.8% of revenue, versus $212.4 million, or 43.3% of revenue. Total costs and expenses from continuing operations were $773.1 million, an increase of 81% year-over-year, driven by the goodwill impairment and other items.

Free cash flow from continuing operations turned negative at $(131.2) million, versus $19.0 million a year earlier. Operating cash flow from continuing operations was $(122.0) million, versus $32.9 million. Cash and cash equivalents from continuing operations were $706.8 million as of September 30, 2026, down $271.2 million from December 31, 2025, after the company repaid its 2026 Senior Notes for $345.4 million on April 1, 2026.

Effective November 1, 2026, Tripadvisor completed the sale of TheFork to American Express and received approximately $741.0 million of net cash, after entering an Equity Purchase Agreement in August 2026. TheFork ceased to be a reportable segment in the second quarter of 2026 and is presented as discontinued operations. The company said the net proceeds provide additional flexibility in its capital structure and that management currently expects to prioritize reduction of long-term debt.

On November 4, 2026, the company initiated a restructuring plan designed to simplify Hotels and Other, primarily through a reduction of roles across non-core revenue lines, and to reallocate certain product, engineering and data analytics roles to Experiences. The action is expected to result in total company annualized gross savings of approximately $40 million. The company expects estimated pre-tax restructuring and other related reorganization costs of approximately $15 million to $20 million, primarily related to employee severance and related benefits, primarily in the fourth quarter of 2026.